Former Huawei subsidiary Honor prepares for IPO

Former Huawei smartphone subsidiary, Honor is now preparing for an initial public offering (IPO), the move comes three after the company separated from its former parent company.

In an online announcement, Honor confirmed the current situation regarding this matter. It wrote that the company will continue to improve its ownership structure and attract diversified capital to promote the company.

According to Chinese law, the company must share the ownership details and the internal hierarchy of the firm before it is announced as public.

The document reveals Mr. Wu Hui will serve as the company’s director and chairman, and Mr. Wan Biao will serve as the vice chairman. It is revealed that these two are elected at the company’s shareholders’ meeting and the board of directors.

In the past quarter, Honor has achieved the first rank in terms of sales performance of new smartphones on home ground. The phone maker keeps on finding new momentum in the global smartphone market.

Following the US ban, Huawei sold Honor to a Chinese business group in November 2020. Following that, Honor management reshuffled and the CEO, Zhao Ming restarted Honor from ground zero.

Over the past three years, the company has made remarkable progress and continues to launch new devices to ensure further growth. The increasing popularity gave Honor the confidence to announce an IPO.

(Via)